Max Leire: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Max Leire
Largest movements
- Cash +€27,954
up €27,954 (+163.7%), from €17,077 to €45,031
mainly Net result for the year (+€38,397) and Depreciation (+€9,703)
- Tangible fixed assets -€8,339
down €8,339 (-19.6%), from €42,578 to €34,238
of which Furniture and vehicles: -€8,090
- Receivables within one year +€6,132
up €6,132 (+58.1%), from €10,550 to €16,683
of which Trade receivables: +€4,978
- Deferred charges and accrued income -€989
down €989 (-69.0%), from €1,433 to €444
- Reserves +€37,564
up €37,564 (+288.7%), from €13,010 to €50,574
- Debts after one year -€9,399
down €9,399 (-36.1%), from €26,055 to €16,656
- Other debts -€6,299
down €6,299 (-40.7%), from €15,473 to €9,174
- Trade debts +€1,691
up €1,691 (+349.1%), from €485 to €2,176
- Tax, wage and social debts +€1,573
up €1,573 (+40.9%), from €3,843 to €5,417
- Gross operating margin +€39,543
up €39,543 (+180.1%), from €21,953 to €61,496
- Taxes +€6,846
up €6,846 (+179.8%), from €3,808 to €10,654
- Depreciation +€6,126
up €6,126 (+171.3%), from €3,576 to €9,703
- Financial charges +€1,923
up €1,923 (+275.1%), from €699 to €2,623
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €72,158 | €96,396 | +€24,238 | +33.6% |
| Fixed assets | 21/28 | €43,098 | €34,238 | -€8,860 | -20.6% |
| Intangible fixed assets | 21 | €520 | - | -€520 | |
| Tangible fixed assets | 22/27 | €42,578 | €34,238 | -€8,339 | -19.6% |
| Plant, machinery and equipment | 23 | €1,167 | €917 | -€250 | -21.4% |
| Furniture and vehicles | 24 | €41,411 | €33,321 | -€8,090 | -19.5% |
| Current assets | 29/58 | €29,060 | €62,158 | +€33,098 | +113.9% |
| Amounts receivable within one year | 40/41 | €10,550 | €16,683 | +€6,132 | +58.1% |
| Trade receivables | 40 | €10,358 | €15,337 | +€4,978 | +48.1% |
| Other amounts receivable | 41 | €192 | €1,346 | +€1,154 | +601.1% |
| Cash at bank and in hand | 54/58 | €17,077 | €45,031 | +€27,954 | +163.7% |
| Deferred charges and accrued income | 490/1 | €1,433 | €444 | -€989 | -69.0% |
| Total equity and liabilities | 10/49 | €72,158 | €96,396 | +€24,238 | +33.6% |
| Equity | 10/15 | €16,010 | €53,574 | +€37,564 | +234.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €13,010 | €50,574 | +€37,564 | +288.7% |
| Distributable reserves | 133 | €13,010 | €50,574 | +€37,564 | +288.7% |
| Amounts payable | 17/49 | €56,148 | €42,822 | -€13,326 | -23.7% |
| Amounts payable after more than one year | 17 | €26,055 | €16,656 | -€9,399 | -36.1% |
| Financial debts | 170/4 | €26,055 | €16,656 | -€9,399 | -36.1% |
| Amounts payable within one year | 42/48 | €28,778 | €26,166 | -€2,612 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €8,977 | €9,399 | +€422 | +4.7% |
| Trade debts | 44 | €485 | €2,176 | +€1,691 | +349.1% |
| Suppliers | 440/4 | €485 | €2,176 | +€1,691 | +349.1% |
| Taxes, remuneration and social security | 45 | €3,843 | €5,417 | +€1,573 | +40.9% |
| Taxes | 450/3 | €3,843 | €5,417 | +€1,573 | +40.9% |
| Other amounts payable | 47/48 | €15,473 | €9,174 | -€6,299 | -40.7% |
| Accrued charges and deferred income | 492/3 | €1,315 | - | -€1,315 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,576 | €9,703 | +€6,126 | +171.3% |
| Other operating charges | 640/8 | - | €120 | +€120 | |
| Gross operating margin | 9900 | €21,953 | €61,496 | +€39,543 | +180.1% |
| Operating profit (loss) | 9901 | €18,377 | €51,673 | +€33,297 | +181.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | +500.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +500.0% |
| Financial charges | 65/66B | €699 | €2,623 | +€1,923 | +275.1% |
| Recurring financial charges | 65 | €699 | €2,623 | +€1,923 | +275.1% |
| Profit (loss) for the period before taxes | 9903 | €17,677 | €49,051 | +€31,373 | +177.5% |
| Income taxes | 67/77 | €3,808 | €10,654 | +€6,846 | +179.8% |
| Profit (loss) for the period | 9904 | €13,869 | €38,397 | +€24,527 | +176.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,869 | €38,397 | +€24,527 | +176.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.